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Vettel's dominance could bore F1 fans

"Our entire management team and our supporters in New Jersey, New York and throughout the Formula One community obviously want to see the inaugural Grand Prix of America at Port Imperial take place as soon as possible," Hindery said in a statement.

"Bringing a world-class race to the world's largest media market is a huge undertaking that has required balancing construction of our road course, without tapping any public money, with the Sport's own timing demands."

The race is set to run on a 5.15 kilometer temporary street circuit along the Hudson River, with the New York City skyline as the backdrop.

It is an event which F1 supremo Bernie Ecclestone is keen to witness.

"There is great demand for a race in New Jersey and I have no doubt we'll be racing at Port Imperial in 2015," he said in a statement Wednesday.

"New races can take many years to get started, but there is significant momentum and we are close to realizing a New York City F1 race."

The Autodromo Hermanos Rodriguez in Mexico City requires refurbishing before it is ready to host a race in 2015.

South Korea, which has welcomed F1 for the past four years, has struggled financially and has lost out this time around.